R00320 - VAT Journals

A common business practice throughout Europe is tracking and reconciling VAT by revenue and expense account.

You can track and reconcile VAT by revenue and expense account by classifying each transaction as taxable or nontaxable. You can also give various reasons for the classification of each transaction. The system stores the tax information for transactions in the F0018 table.

Run the VAT Journal program to print a VAT report. The report includes all of the records in the Taxes table that meet the data selections and processing option criteria.

The VAT Journals report (R00320) is a detailed transaction report for which you can specify up to five custom columns to represent up to twelve different tax rates and areas. You can also specify whether a column contains taxable amounts or tax amounts. You set up codes in the user-defined code (UDC) for VAT Journals (00/VJ) to represent the tax rate/areas that you want to print on the report (up to 5) and specify the column number (1 through 5) in the Special Handling field. Processing options enable you to specify the column heading text and to control whether the system prints tax or taxable amounts in the column.

For example, you might want taxable amounts for the New York tax rate/area in the first column, for the Ontario tax rate/area in the second column, for the Quebec tax rate/area in the third column, and so on.

You can print VAT reports to review the taxes on sales or the taxes on purchases. To specify taxes on sales or purchases, include the document type in the data selection. For example, to print a VAT report for purchases, specify Document Type PV.

You can sequence VAT reports by any field in table F0018. The most common report sequence is:

1. Company

2. Document Type

3. Document Number

   Note: If you print a VAT report that includes multiple currencies, the system does not print a grand total. To see grand total amounts, print separate VAT reports by company for each currency.